ASK to raise Rs 480 crore for domestic realty fund

MUMBAI: After successfully raising Rs 520 crore in June 2011, ASK Property Investment Advisors (ASK PIA), now plans to raise Rs 480 crore from high networth individuals ( HNI) to invest in residential properties.

ASK PIA, a venture of the ASK Group was set up to manage and advise real estate dedicated funds.

"We now plan to raise Rs 480 crore in next six-months period from HNI's to invest in residential properties in Tier-I cities Mumbai, Delhi and Bangalore," ASK Investment Advisors, Executive Director, Sunil Rohokale told reporters here.

The company is looking at project level investment and is having an active discussion with property developers in New Delhi, Mumbai and Bangalore, Rohokale said.

The company had successfully raised Rs 520 crore in June 2011 for a domestic realty fund. Around 250 investors have participated in the second fund that was launched in January this year, with average size of Rs 2 crore per investor.

The fund will focus on mid-segment residential development and execution, ASK Property Investment, CEO and MD Amit Bhagat said.